Dubai-based Union Insurance Company has reported a 12 per cent increase in gross insurance premium during the first half (H1) of the year, reaching Dh331 million ($90 million) as against Dh295 million during H1 2014.

The company’s total assets increased from Dh890 million at year-end 2014 to Dh982 million as of 30 June 2015.

Union Insurance’s gross technical profit rose 8 per cent, from Dhs49 million as of end of June 2014 to Dhs53 million reported in 2015.

Net result after the investment income was a loss of Dh7.4 million for H1 2015 compared to a net profit of Dh23.6 million for the same period last year.  Loss per share is Dh0.02 compared to per-share earnings of Dh0.07 a year earlier.

A M Best has revised the outlook to positive from stable for the issuer credit rating (ICR) of Union Insurance Company reflecting the company’s strong risk-adjusted capitalisation, developing business profile and improving technical performance. – TradeArabia News Service